VANCOUVER, Nov. 8, 2017 /CNW/ - Valens GroWorks Corp. (CSE: VGW) (the "Company"), a biotechnology company specializing in the production, research, development and commercialization of novel, cannabinoid-based products and drug therapies, announces entering into a three-year consulting agreement with Incanco Cannabis Consultants Co. Ltd. ("Incanco"), a company providing the services of John Conroy, a trailblazer as legal counsel in the legal challenges to cannabis prohibition legislation that compelled Canada to make various significant changes to legislation for the medical and social use of cannabis (marijuana).
"Engaging the legal expertise of John Conroy in a consulting and advising capacity facilitates our near-term objectives of securing additional licenses in Canada, and to export into Europe and the United States", said Tyler Robson, CEO of Valens. "Mr. Conroy is a respected and distinguished expert on the constitutional and legal framework of cannabis in Canada and the U.S. Mr. Conroy will assist Valens in achieving its goals to become a global leader in premium quality cannabis production and end-user bio-products."
Under the terms of the Consulting Agreement, Incanco will participate in the Company's recently announced private placement in satisfaction of its $300,000 signing bonus. In addition, 150,000 incentive stock purchase options ("Options") to purchase 150,000 common shares of the Company are being granted at a price of $1.00 per common share, exercisable on or before October 31, 2020. These Options vest in stages over the course of three years, and are granted pursuant to the terms of the Company's stock option plan, subject to regulatory approval.
About John Conroy and Incanco
Incanco's principal, Mr. John Conroy, has extensive background as legal counsel in constitutional, administrative and criminal law cases with respect to cannabis legislation, and acted as lead counsel in several ground-breaking legal proceedings, including Allard v. Canada that resulted in the successful constitutional challenge to the Marijuana for Medical Purposes Regulations ("MMPR") that led to the current Access to Cannabis for Medical Purposes Regulations ("ACMPR").
Mr. Conroy has been a member of the U.S. National Organization for the Reform of the Marijuana Laws ("NORML") Legal Committee since the mid-70s, and was responsible for the incorporation and operations of NORML Canada since 1977. In his capacity as Chair of the Canadian Bar Association, Criminal Justice Section, Committee on Imprisonment and Release, he was involved in appearances before numerous Parliamentary and Senate Committees in relation to criminal justice issues specifically including Controlled Drugs and Cannabis marijuana issues.
Mr. Conroy incorporated and since 1997 has served as General Counsel to the British Columbia Compassion Club Society, a non-profit medical cannabis dispensary and wellness center operating on a membership-based society model. This Club has received and continues to receive significant notice and commendations, gaining the respect of local government and police, the Canadian Senate and the recent Federal Task Force on Legalization and Regulation. It continues to operate as a genuine Compassion Club approved under Vancouver Bylaw Licensing and zoning regulations.
Mr. Conroy recently appeared as a witness before the federal Parliamentary Standing Committee on Health in relation to its consideration of Bill C – 45 the Cannabis Act 2017 that is scheduled to become law July 1, 2018, and expects to be involved in submissions to the Federal Cannabis Legalization and Regulation Secretariat and the Office of Medicinal Cannabis, and also Provincial Ministries involved in developing provincial cannabis legislation and regulations involving the distribution of cannabis in a legal market.
About Valens GroWorks Corp.
Valens GroWorks Corp. is a biotechnology company with an aggressive buildout strategy. The Company seeks to capture a broad spectrum of medical cannabis users, and adult recreational users once legalized, as well as clinical trial and R&D clients, in pursuit of its ambitious "plants to premium products" objectives.
The Company operates a 17,000 square foot facility located on two acres in Kelowna, in the heart of British Columbia's Okanagan Valley. Wholly owned subsidiary Supra THC Services Inc. ("Supra"), in collaboration with Thermo Fisher Scientific, a world leader in Health Science services, is developing a "Centre of Excellence in Plant Based Medicine Analytics" to provide analytical services and directed research and development, including clinical trials. Supra and the Company's subsidiary Valens AgriTech Ltd., a Health Canada Licensed Dealer, recently announced a $330,000 MITACS funded research grant and collaboration with UBC Okanagan and Thompson Rivers University to explore potential cannabis bio-products including pharmaceuticals, nutritional products, and industrial fiber.
On behalf of the Board of Directors, VALENS GROWORKS CORP.
(signed) "Robert van Santen" Chief Financial Officer
Notice regarding Forward Looking Statements
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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SOURCE Valens GroWorks Corp.
For further information: Greg Patchell, Telephone: +1.250.860.8634